The U.S. stock market capped off a strong month Thursday. On the last day of November, the
Dow Jones Industrial Average
notched its biggest one-month percentage gain since October 2022, while the
S&P 500
and
Nasdaq Composite
both saw their best months since July 2022.
These stocks were November’s best- and worst-performing stocks in the three indexes.
Dow Jones Industrial Average
Customer relationship management software provider
Salesforce
was the top-performing stock in the Dow for November.
Salesforce
gained 25% in the month, marking the stock’s best monthly performance since January.
After the close of trading Wednesday, Salesforce reported third-quarter profit and revenue that beat Wall Street estimates and provided earnings guidance above analysts’ estimates.
Salesforce has taken hits from weakness in certain parts of the economy, with the company saying customers have been spending less in order to save on costs. But the company noted that customers have been more optimistic about the future.
Cisco Systems
was the worst-performing stock in the Dow this month, down 7.2%, its worst month since April.
Shares of the networking company fell earlier this month after Cisco said it saw a slowdown of new product orders in the first quarter of fiscal 2024. Cisco said the slowdown followed what was “exceptionally strong product delivery over the past three quarters.”
S&P 500
Expedia
Group took the top spot for November in the S&P 500, jumping 42.9% to notch its best month since April 2009. The stock has been on a winning streak this year, soaring 55% in 2023.
Insulet
placed second in percentage terms for the broader index. Shares of the automated insulin technology developer jumped 42.6%, which was the stock’s best month since December 2008. The stock has fallen 36% this year.
Insulet
reported solid financial results on Nov. 2, giving investors reason for optimism. The company reported third-quarter earnings and revenue that not only beat Wall Street estimates but rose sharply from the prior year as demand increased. Insulet also raised its revenue growth estimates for the fiscal year.
Paycom Software,
meanwhile, was the worst performer in the S&P 500 after falling 26% in November. That marks the stock’s worst month since March 2020.
Paycom cut its fiscal-year revenue guidance to below Wall Street estimates on Oct. 31.
“Our guidance for the next 15 months assumes the impact from the strategic revenue decisions we are and will be making,” Chief Financial Officer Craig Boelte said on the company’s earnings conference call.
Nasdaq 100
The best-performing stock in the Nasdaq 100 in November was
PDD Holdings,
whose American depositary receipts sported a 45% gain for the month.
PDD Holdings, a multinational commerce group, just edged out
Datadog,
which came in second for the index. Its 43% rise was
Datadog
stock’s best month since May 2020.
Datadog, a security software provider, raised its fiscal-year sales outlook after beating earnings expectations earlier this month. The company also saw customer numbers and annual recurring revenue increase from the prior year.
“While we expect cost management to continue, we believe we are seeing moderation that is still present, but is less intense and less widespread than we experienced in recent quarters,” Chief Financial Officer David Obstler said on the company’s conference call on Nov. 7.
Fortinet
was the worst-performing stock in the Nasdaq 100 in November, with an 8.1% decline.
Write to Angela Palumbo at [email protected]
Read the full article here